Government of the Azores assures 13 million-Euro funding to Azorean companies with debts owed by municipalities

Under the establishment of the support line “Açores Empresas II” (Azores Companies II), the Government of the Azores has assured a 13 million-Euro funding to the Azorean companies with debts owed by municipalities which could not fulfil their financial obligation within two years. With this support line, The Government has allocated 13 million Euros to 94 Azorean companies with debts owed by 11 regional municipalities which would only be paid in two years in order to promote the sustainability of the economic sector and of Azorean companies. The approval of another financial support measure by the Azorean Government ensures the reinforcement of the financial capacity of Azorean companies by reducing the constraints arising from the inability of Azorean municipalities to settle debts with their suppliers. Hence, the Regional Government takes on the responsibility to create conditions so that regional companies may receive payments on time, which will prevent municipalities from spending resources in the short-term to meet their financial obligations.The credit line “Açores Empresas II” has allowed Azorean companies with debts owed by Azorean municipalities to receive the amounts in debt which otherwise could only be paid within 2 years. This majority of the companies comprised by this measure had debts owed by the municipalities of Nordeste, Ribeira Grande, Ponta Delgada, Povoação, São Roque do Pico and Praia da Vitória.

GaCS/FV

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